Behavioral Corporate Finance -- by Ulrike Malmendier
Behavioral Corporate Finance provides new and testable explanations for long-standing corporate-finance puzzles by applying insights from psychology to the behavior of investors, managers, and third...
View ArticleExpenditure Visibility and Consumer Behavior: New Evidence -- by Ori Heffetz
Expenditure visibility--the extent to which a household's spending on a consumption category is noticeable to others--is measured in three new surveys, with ~3,000 telephone and online respondents....
View ArticleThe Impact of Insurance Expansions on the Already Insured: The Affordable...
Some states that have not adopted the Affordable Care Act (ACA) Medicaid expansions have stated concerns that the expansions may impair access to care and utilization for those who are already insured....
View ArticleTax Equivalences and their Implications -- by Alan J. Auerbach
In economic analyses of the effects of tax policies, one commonly encounters discussions of the equivalence of apparently different policies, where equivalence is defined as the policies having the...
View ArticleMortgage Prepayment and Path-Dependent Effects of Monetary Policy -- by David...
How much ability does the Fed have to stimulate the economy by cutting interest rates? We argue that the presence of substantial household debt in fixed-rate prepayable mortgages means that this...
View ArticleThe Role of Exporters and Domestic Producers in GVCs: Evidence for Belgium...
For a finer analysis of global value chain integration and competitiveness, we develop and apply a method for a micro-data based breakdown of manufacturing industries in the 2010 Belgian supply-and-use...
View ArticlePartial Rating Area Offering in the ACA Marketplaces: Facts, Theory and...
In the health insurance marketplaces established by the Affordable Care Act (ACA), each state is divided into a set number of geographic ``rating areas." The ACA mandates that an insurer price its...
View ArticleDoes High Cost-Sharing Slow the Long-term Growth Rate of Health Spending?...
Multiple studies have shown that high-deductible health plans lower spending levels, however, less is known about whether such plans have an effect on spending growth. We begin with a model of the...
View ArticleState Dependent Effects of Monetary Policy: the Refinancing Channel -- by...
This paper studies how the impact of monetary policy depends on the distribution of savings from refinancing mortgages. We show that the efficacy of monetary policy is state dependent, varying in a...
View ArticleBanking on the Boom, Tripped by the Bust: Banks and the World War I...
Bank lending booms and asset price booms are often intertwined. Although possibly triggered by a fundamental shock, rising asset prices can stimulate lending that pushes asset prices higher, leading to...
View ArticleThe Productivity J-Curve: How Intangibles Complement General Purpose...
General purpose technologies (GPTs) such as AI enable and require significant complementary investments, including business process redesign, co-invention of new products and business models, and...
View ArticleBank Balance Sheet Capacity and the Limits of Shadow Banks -- by Greg Buchak,...
We study which types of activities migrate to the shadow banking sector, why migration occurs in some sectors, and not others, and the quantitative importance of this migration. We explore this...
View ArticleThe Institutional Foundations of Religious Politics: Evidence from Indonesia...
Why do religious politics thrive in some societies but not others? This paper explores the institutional foundations of this process in Indonesia, the world's largest Muslim democracy. We show that a...
View ArticleThe Opportunity Atlas: Mapping the Childhood Roots of Social Mobility -- by...
We construct a publicly available atlas of children's outcomes in adulthood by Census tract using anonymized longitudinal data covering nearly the entire U.S. population. For each tract, we estimate...
View ArticleThe Impact of Corporate Taxes on Firm Innovation: Evidence from the Corporate...
This paper exploits a tax reform on manufacturing firms in China to study the impact of taxes on firm innovation. The reform switched the corporate income tax collection from the local to the state tax...
View ArticleArbitration with Uninformed Consumers -- by Mark L. Egan, Gregor Matvos, Amit...
We examine whether firms have an informational advantage in selecting arbitrators in consumer arbitration, and the impact of the arbitrator selection process on outcomes. We collect data containing...
View ArticleThe Role of Parental Wealth and Income in Financing Children's College...
This paper examines the influence of parental wealth and income on children's college attendance and parental financing decisions, graduation, and quality of college attended, and whether parental...
View ArticleErrors in Survey Reporting and Imputation and their Effects on Estimates of...
Accurately measuring government benefit receipt in household surveys is necessary when studying disadvantaged populations and the programs that serve them. The Food Stamp Program is especially...
View ArticleThe Salary Taboo: Privacy Norms and the Diffusion of Information -- by Zoe B....
The diffusion of salary information has important implications for labor markets, such as for wage discrimination policies and collective bargaining. Despite the widespread view that transmission of...
View ArticlePrice Salience and Product Choice -- by Thomas Blake, Sarah Moshary, Kane...
We study the effect of price salience on whether a product is purchased and, conditional on purchase, the quality purchased. Consistent with our theoretical predictions, we find that making the full...
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